2010年12月ACCA考試考官報告(P4)(2)

　　問題一需要考生評價一家面臨財務困境的公司的三個解決方案，并分析這三個方案對主要利益相關者的影響。第一和第四部分考生們表現得不錯，很多都得到了很高的分數。而第二第三部分考生相對表現不是很好。在第二部分，許多考生確實評價了收入狀況，但是卻沒有將其轉換成現金流量，進一步估計公司價值。

Specific Comments
Question One
This question required candidates to assess three proposals for a company facing financial difficulties and discussing the impact of the proposals on the main stakeholders,Part (i) asked candidates to estimate the return the debt holders and the shareholders would receive if the company ceased trading and closed down,Part (ii) asked candidates to estimate the income position and the value of the company in the event of a financial restructure,Part (iii) asked candidates to estimate the additional finance required and the value of the company in the event of a management buy-out,Part (iv) asked the candidates to discuss the impact of each of these proposals on the company’s main stakeholder groups,Corporate restructuring and reorganisation from which the key elements of this question were drawn is a key area of the syllabus.

Parts (i) and (iv) were generally done well,with many candidates achieving high marks for both parts,In the discussion part (iv) a number of marks were available for discussion of the impact on the stakeholders where it was not necessary to have access to the answers from parts (ii) and (iii),and many answers handled this part well,In part (i),most candidates looked at the funds available to the debt holders after redundancy payments,However,a surprising number of candidates ranked the debt holders and shareholders at the same level for any residual repayments,which is not correct.

Parts (ii) and (iii) were done less well,In part (ii) many candidates did assess the income position but could not then translate that into cash flows and determine an estimate of the value,In part (iii) there was confusion about how to calculate the additional finance needed and the value of the company,and many answers could not determine the likely size of the reduced operation,A sizable minority of candidates did not attempt parts (ii) or (iii) or both at all.